The CADCHF currency pair remains on a bearish trajectory despite some positive movement earlier today, with fluctuations around the 0.6250 mark. This brief uptick does not alter the broader downtrend, as the pair continues to trade below the key resistance level of 0.6285, with the 55-period moving average (MA55) also holding firm above this resistance.
Market conditions suggest that the current intraday upward momentum will gradually fade, paving the way for a series of bearish movements. As a result, the pair is expected to target the 0.6220 support level next, potentially revisiting the 0.6200 mark. A break below this key level could further strengthen the bearish outlook in the coming sessions.
The anticipated trading range for today is between 0.6260 and 0.6200.
Trend Outlook: Bearish
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